Q4 2021 MARKET REPORT
DOWNTOWN RALEIGH
SUMMARY AND HIGHLIGHTS: Downtown Raleigh continued to show signs of recovery throughout 2021 and in the fourth quarter. Downtown even exceeded pre-pandemic levels in some economic indicators, such as storefront business openings. In 2021, 57 new businesses opened or expanded in Downtown Raleigh, the highest number of storefront openings ever tracked in a calendar year in downtown.
Photo byPatrick Maxwell
+57
NEW STOREFRONT BUSINESSES OPENED OR EXPANDED Since Jan 2021
95.1%
The downtown residential market remained strong as well, with 95.1% occupancy1 and over 1,000 residential units under construction as of the end of the year. This includes 442 units at Platform, which will be downtown’s largest multi-family development to date, and 242 units at the mixed-use project 400H, which will be a 20-story tower with office and retail space. There are an additional 5,065 residential units planned or proposed in downtown in response to continued demand.
RESIDENTIAL OCCUPANCY1
as of Q4
1,014
Downtown’s office market showed sustained momentum in the fourth quarter with the end-of-year delivery of 287,252 SF of Class A office space at Raleigh Crossing Phase I. Pendo, a Raleigh-based startup recently valued at $2.6 billion, is occupying the top five floors of the new 19-story tower.2 There is approximately 1.6 million SF of additional office space planned or proposed in the downtown market.
RESIDENTIAL UNITS
under construction CoStar (occupancy statistic does not include properties in lease-up phase) 1
News & Observer
2
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
1
Of the 57 new storefront business openings and expansions in 2021, there were 15 openings in the fourth quarter. With five storefront business closings, downtown saw a net gain of ten new storefront businesses in Q4. Notable storefront openings in the fourth quarter include Hartwell, TG Floristry, Gathering Gallery, Zenith Raleigh, and the Pop Up Shops at Martin Street. The full list of openings and closings can be found on page 11. Downtown food & beverage sales indicated continued recovery for the storefront economy, prior to the Omicron variant, with a +13% increase in food and beverage sales from Q3 and a +147% increase from Q4 2020.1 Pedestrian traffic continued to increase from the low point in 2020. Across five downtown pedestrian counter locations, average daily pedestrian traffic in Q4 increased +23% from Q3 and increased +114% from Q4 2020. The Downtown Raleigh hotel market saw an increase in sales with average monthly room sales in Q4 increased +16% from Q3 and increased +49% from Q2.1 In Q4, there were eight major commercial real estate transactions accounting for over $438 million in downtown real estate sales investment. This includes the $330 million sale of Bloc[83], which was the largest single private real estate transaction in the history of Downtown Raleigh.2 The sale included both office towers on the Bloc[83] site: One Glenwood and Tower Two. There is 495,121 SF of office space across the two towers. Other notable sales this quarter were the $19.8 million sale of the Holiday Inn, $12.37 million sale of The Raleigh Building, and $8.5 million sale of Logan’s Garden Shop. Several sales for assemblages of parcels took place in Q4, including a $34.75 million sale for 15 properties at the corner of S Saunders Street and Hammel Drive, with plans for two 20-story towers. Additional sales include a $12 million sale of an assemblage of parcels at 521 S Wilmington Street, a $10.25 million sale of two parcels at 401 Hillsborough (where the Exploris School is currently located), and a $10.35 million sale of the lot next to Marbles Museum.3
+147%
INCREASE
In Food & Beverage sales from Q4 20201
+114%
INCREASE
In pedestrian traffic from Q4 2020
287,252 OFFICE SF
Delivered in Q4
+94,898
CLASS A OFFICE SF
Net absorption 20212
$438+ MILLION
commercial real estate sales in Q4
Wake County Tax Administration, DRA 2 JLL 3 Triangle Business Journal 1
DEVELOPMENT UPDATES: Overall, there is $4.76 billion of investment in the current Downtown Raleigh development pipeline. This includes $765 million in projects completed since 2020, $492 million in projects under construction, and $3.54 billion in proposed or planned developments.
$765
MILLION
Completed (since 2020)
$492
MILLION
Under Construction as of Q4
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
$3.54
BILLION
in Proposed/Planned Developments
$4.76
BILLION
in Completed, Under Construction, and Planned Developments
2
The highly anticipated Raleigh Crossing Phase I delivered at the end of the 2021 year. The 19-story tower is a prominent part of the downtown skyline and adds 287,252 of Class A office space. Pendo, its anchor tenant, will occupy 132,663 SF on the top five floors which have been customized for the tech company and include features such as a pizza oven imported from Italy. The tower also now features Pendo’s name. There are plans for a future second phase of Raleigh Crossing to include a residential apartment building with ground floor retail. Raleigh Crossing Phase I (Source: The Fallon Company)
Rendering of 615 Peace where 24 condos are expected to complete in 2022
Construction is progressing on several major downtown projects, which includes 1,014 total residential units under construction across five projects: 615 Peace, Seaboard Station Block B, The Platform, 400H, and Dukes at Cityview. 400H started construction in late 2021 and is a 20-story mixed-use development with 242 residential units, 144,000 SF of office space and 16,000 SF of retail space. Construction also continues at the dual-brand Hilton Garden Inn / Homewood Suites hotel in the Fayetteville Street District which will add 259 hotel rooms. Site preparation work began at a new residential development in the Moore Square District: The Acorn on Person Street apartments.This development will soon begin construction on 106 residential units with a later phase to include 138 hotel rooms.
CONSTRUCTION HIGHLIGHT: PLATFORM Platform will add 442 residential units to the Warehouse District and will be downtown’s largest residential development to date. Platform is expected to finish in Spring of 2024 and the project will also have a later phase with office and retail space.
Renderings of Platform (Source: Kane Realty) DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
3
Q4 2021 DEVELOPMENT MAP
An interactive development map with updated listings of project information and images is viewable at downtownraleigh.org/ do-business/ developments
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
4
RECENTLY COMPLETED (SINCE 2020) #
NAME
Investment
SF
Units/Rooms
Type
2020 1
CAMERON CREST
$4,207,192
16,200 SF
6 units
Townhome
2
CITY PLAZA RENOVATION
$3,100,000
N/A
N/A
Public Space
3
HARGETT WEST
$4,000,000
25,500 SF
N/A
Office/Retail
4
LONGLEAF HOTEL
$6,500,000
20,812 SF
56 rooms
Hotel/Retail
5
ORIGIN RALEIGH
$22,702,726
71,794 SF
126 rooms
Hotel/Retail
6
PEACE (SMOKY HOLLOW PHASE I)
$150,000,000
652,500 SF
417 units
Apartment/Retail
7
THE SAINT
$23,000,000
53,199 SF
17 units
Townhome
8
SIR WALTER APARTMENTS (RENOVATION)
$15,000,000
20,000 SF
18 units**
Apartment
9
SOUTH DAWSON RETAIL RENOVATIONS
$471,857
9,746 SF
N/A
Retail
2021 10
HEIGHTS HOUSE HOTEL
Not available
10,000 SF
9 rooms
Hotel
11
THE FAIRWEATHER
$28,000,000
103,250 SF
45 units
Condo/Retail
12
THE LINE APARTMENTS (SMOKY HOLLOW PHASE II)
$95,000,000
271,589 Residential SF / 30,000 Retail SF
283 units
Apartment/Retail
13
421 N. HARRINGTON ST (SMOKY HOLLOW PHASE II)
$95,000,000
225,000 Office SF / 20,000 Retail SF
N/A
Office/Retail
14
TOWER TWO AT BLOC[83]
$108,000,000
241,750 Office SF / 30,000 Retail SF
N/A
Office/Retail
15
JOHN CHAVIS MEMORIAL PARK IMPROVEMENTS
$12,000,000
N/A
N/A
Public Space
16
AC HOTEL RALEIGH DOWNTOWN
$25,000,000
88,454 Hotel SF / 3,860 SF Retail
147 rooms
Hotel
17
FIRST CITIZENS BANK BUILDING (RENOVATION)
$9,000,000
N/A
N/A
Public Space
18
208 FAYETTEVILLE (RENOVATION)
Not available
18,000 Office SF / 9,000 Retail SF
N/A
Office/Retail
19
RALEIGH CROSSING PHASE I
$160,000,000
287,252 Office SF / 12,100 Retail SF
N/A
Office/Retail
20
333 FAYETTEVILLE (RENOVATION)
$750,000
N/A
N/A
Office
TOTALS:
$764,631,775
840,948 Office SF 196,838 Retail SF
786 units / 338 rooms
21
615 PEACE
$7,000,000
30,300 Residential SF / 2,200 Retail SF
24 units
Condo/Retail
22
SEABOARD STATION BLOCK B
$95,000,000
345,662 Residential SF / 30,000 Retail SF
298 units
Apartment/Retail
23
PLATFORM
Not announced
353,472 Residential SF / 26,740 Retail SF
442 units
Apartment
24
400H
$175,000,000
144,410 Office SF / 16,935 Retail SF
242 units
Office/Apartment/Retail
25
HILTON GARDEN INN/HOMEWOOD SUITES
Not announced
260,890 SF
259 rooms
Hotel
26
DUKES AT CITYVIEW
Not announced
N/A
8 units
Townhome
UNDER CONSTRUCTION
TOTALS:
$492,000,000*
144,410 Office SF 77,685 Retail SF
1,014 units / 259 rooms
PLANNED & PROPOSED 27
GLENWOOD SOUTH TOWNS
Not announced
30,993 SF
16 units
Townhome
28
865 MORGAN APARTMENTS
Not announced
438,856 SF
401 units
Apartment/Retail
29
320 WEST SOUTH
Not announced
351,394 SF
296 units
Apartment/Retail
30
CITY GATEWAY APARTMENTS (PHASE I)
Not announced
221,608 SF
286 units
Apartment/Retail
31
CIVIC CAMPUS PHASE I
Not announced
420,000 SF
N/A
Government
32
CIVIC CAMPUS PHASE II
Not announced
180,000 SF
N/A
Government
33
COURTYARD MARRIOTT
Not announced
192,964 SF
179 rooms
Hotel
34
DEVEREUX MEADOW PARK
Est. $14,000,000
N/A
N/A
Park
35
DIX PLAZA & PLAZA PLAY AREA
Est. $50,000,000
N/A
N/A
Park
36
THE EDGE
Not announced
418,000 SF
N/A
Office
37
FOURTH WARD
Not announced
Not announced
10 units
Townhome
38
HOME2 + TRU RALEIGH
Not announced
201,000 SF
190 rooms
Hotel
39
THE LYNDE
$7,000,000
30,000 SF
32 units
Condo
40
THE MADISON & 603 GLENWOOD
Not announced
114,000 Office SF / 12,000 Retail SF
200 units
Office/Apartment/Retail
41
NASH SQUARE HOTEL
$28,776,737
215,665 SF
190 rooms
Hotel
42
NEW BERN AND SWAIN APARTMENTS
Not announced
47,518 SF
28 units
Residential
43
THE NEXUS
Not announced
1,500,000 SF
400 units / 264 rooms
Office/Apartment/Condo/Hotel/Retail
44
PARK CITY SOUTH PHASE I
Not announced
343,140 Residential SF / 28,500 Retail SF
336 units
Apartment/Retail
45
RALEIGH CROSSING PHASE 2
Not announced
Not announced
275 units
Apartment/Retail
46
RUS BUS (RALEIGH UNION STATION PHASE II)
$200,000,000
50,000 SF Retail
320 units / 260 rooms
Transit/Apartment/Hotel/Retail
47
SALISBURY SQUARE
$300,000,000
175,000 SF
587 units
Office/Apartment/Retail
48
SEABOARD STATION BLOCK A
$50,000,000
11,400 SF Retail
75 units / 149 rooms
Apartment/Hotel/Retail
49
SEABOARD STATION BLOCK C
$125,000,000
56,000 SF Retail
220 units
Apartment/Retail
50
SMOKY HOLLOW PHASE III
Not announced
Not announced
Not announced
Apartment/Office/Retail
51
TRANSFER CO. FOOD HALL PHASE II
Not announced
8,200 SF
N/A
Office/Retail
52
WEST CABARRUS WAREHOUSES PHASE II
Not announced
289,261 Office SF / 14,306 Retail SF
N/A
Office/Retail
53
501 HILLSBOROUGH
Not announced
166,166 SF
233 units
Apartment/Retail
54
301 WEST CABARRUS
Not announced
N/A
184 units
Apartment
55
1317 HILLSBOROUGH
Not announced
13,268 Retail SF
16 units
Apartment/Retail
56
THE CREAMERY
Not announced
976,000 SF across 3 buildings
261 units
Office/Apartment/Retail
57
BLOOMSBURY MIXED USE
Not announced
3,700 Retail SF / 132,132 Residential SF
135 units
Apartment/Retail
58
TOWER THREE AT BLOC[83]
Not announced
277,500 Office SF / 7,500 Retail SF
N/A
Office/Retail
59
THE ACORN ON PERSON STREET & MARIOTT TOWNEPLACE SUITES
Not announced
N/A
106 units / 138 rooms
Apartment/Hotel
60
HAMMELL DR. DIX PARK DEVELOPMENT
$600,000,000
Not announced
600+ units
Apartment
61
220 E MORGAN DEVELOPMENT
Not announced
Not announced
TBD
Mixed-Use
TOTALS:
$3,540,376,737*
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
1,681,136 Office SF 233,076 Retail SF 6,953,122 Total SF
5,065 units / 1,310 rooms
*Totals based on investment estimates **Renovation added 18 new units
5
MARKET HIGHLIGHTS
OFFICE MARKET
OFFICE
Q4 2021 Average Rent PSF (Class A)1
$37.71 Average Rent PSF (Total)1
$36.25 Class A Office Net Absorption 20211
Raleigh Crossing Phase I
Downtown Raleigh had major office deliveries in 2021 with 754,002 SF delivered across three new office developments: Tower Two at Bloc[83], 421 N. Harrington, and Raleigh Crossing Phase I. These deliveries significantly increased the amount of Class A office space in the downtown market, contributing to an increase in vacancy in the fourth quarter. Indicators show that demand persists for Class A office space in downtown. Net absorption remained postive and there was +94,898 SF net absorption of Class A office space in 2021.1 Additionally, the $330 million sale of the office towers at Bloc83 was the largest single private real estate transaction in the history of Downtown Raleigh.1
PERFORMANCE INDICATOR: PARKING DECK OCCUPANCY3
Parking deck occupancy across the nine City of Raleigh downtown parking decks has been increasing since the beginning of the year, with a 46% increase from Q1 to Q4. This is one indicator of workers returning to downtown offices.
AVERAGE PARKING DECK OCCUPANCY (ACROSS 9 DECKS)
+94,898 SF
Office SF delivered in 20212
754,002 SF
+46%
Increase in Parking Deck Occupancy3
FROM Q1 TO Q4 2021
#2 MILLENNIAL MAGNET IN THE U.S. Raleigh
Business Facilities July 2021
JLL DRA 3 City of Raleigh Parking, DRA 1
2
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
6
MARKET HIGHLIGHTS
RESIDENTIAL MARKET
RESIDENTIAL
Q4 2021
Occupancy1
95.1% Effective rent per SF1
$2.20 Units under construction2
1,014
Rendering of Platform (Source: Kane Realty Corp)
Apartment occupancy remains high in downtown at 95.1% occupancy as demand for downtown units has increased throughout the year, which has slightly increased downtown rental rates as well. There are currently 1,014 units under construction across several downtown projects which will help meet some of this increased demand. Platform is still under construction in the Warehouse District, which will have 442 units and a later phase of this project will include retail and office space. Construction is also progressing on the residential projects at 615 Peace, Seaboard Station Block B, 400H, and Dukes at Cityview. There were 328 residential units delivered in 2021.
Units completed since 20152
3,451 Increase in downtown housing units since 20152
101% CoStar DRA
1
2
DOWNTOWN RESIDENTIAL PIPELINE: HOUSING UNITS Planned & Proposed
Completed since 2015
PLACE #2 BEST TO LIVE 2021
(Raleigh-Durham) US News & World Report
REAL #2 TOP ESTATE MARKET IN THE U.S.
Under Construction
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
Raleigh Metro
Urban Land Institue and PricewaterhouseCoopers 2022 7
MARKET HIGHLIGHTS
RETAIL MARKET
STOREFRONT
Q4 2021 Retail SF under construction
98,785 SF New storefront business openings & expansions (Q4)
15 Pop-Up Shops at Martin Street opened on Black Friday this year
Total net new businesses in 2021
In Q4, the retail market continued its momentum with 15 new storefront openings and expansions, making a total of 57 new storefront businesses opened or expanded in 2021. This is the largest number of storefront business openings in downtown in the past ten years. There were 21 business closings in 2021, resulting in 36 net new storefront businesses for the year. Five of these storefront closings were in the fourth quarter, making a net of 10 new businesses in Q4. From 2020 to 2021, storefront openings in downtown increased 47%. Additionally, 30 businesses that temporarily closed in 2020 and 2021 have reopened since the beginning of the year. In 2021, 110K SF of new retail space was delivered in downtown and there was +111K SF of net arbsorption for retail space in downtown.
36
#1
BEST CITY TO START A BUSINESS
Raleigh
LendingTree 2021
DRA
1
PERFORMANCE INDICATOR: PEDESTRIAN DATA AVERAGE DAILY COMBINED COUNT ACROSS FIVE COUNTER SITES IN DOWNTOWN1
+114%
INCREASE FROM Q4 2020
+23%
INCREASE FROM Q3 2021
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
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MARKET HIGHLIGHTS
RETAIL MARKET
STOREFRONT
Q4 2021 Average monthly food & beverage sales in Q41
$22.7
MILLION $9.2 Million in Q4 2020
Standard Food + Beer in Downtown Raleigh
FOOD AND BEVERAGE
Downtown food & beverage sales SALES BY DISTRICT IN Q41 have increased throughout the past year, showing recovery from the Capital pandemic and even exceeding Glenwood District, 2% pre-pandemic levels in some areas. South There has been a +147% increase in Warehouse District sales from Q4 2020 for downtown overall. Fayetteville Street District continues to show improvement with a +218% increase in average monthly Moore sales from Q4 2020 in this district. Square These numbers do not reflect the very District recent and ongoing impact of the Omicron variant on storefront Fayetteville Street businesses.
Restaurants & bars in downtown with outdoor seating
160+ Craft breweries & distilleries in downtown
9
Wake County Tax Administration, DRA 1
PERFORMANCE INDICATOR: AVERAGE MONTHLY FOOD AND BEVERAGE SALES BY QUARTER1
+13%
INCREASE
FROM Q3 2021
+147%
INCREASE
FROM Q3 2020
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
9
Q4 2021 STOREFRONT ACTIVITY
Looking for retail space? Visit: downtownraleigh.org/ do-business/space-available
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
10
Q4 2021 STOREFRONT BUSINESS ACTIVITY #
Business Openings in Q4
Type
Date
1
The Darby
Bar
October 2021
2
Hartwell
Retail/Experiential
October 2021
3
TG Floristry
Retail
October 2021
4
Office Revolution
Service
October 2021
5
Glenwood Social Club
Restaurant/Bar
October 2021
6
The Willard Rooftop Lounge
Bar
November 2021
7
NASHONA
Retail
November 2021
8
Eye Heart Tattoo
Service
November 2021
9
Engel & Volkers
Service
November 2021
10
Zenith Raleigh
Bar
November 2021
11
Gathering Gallery
Retail
November 2021
12
TresLife at Pop-Up Shops at Martin Street
Retail
November 2021
13
Chance’s at Pop-Up Shops at Martin Street
Retail
November 2021
14
Side Quest Game Bar & Lounge
Bar
December 2021
15
The Pink Boot
Bar
December 2021
Business Closings in Q4 1
Rocket Fizz
Retail
October 2021
2
Paddy O Beers
Bar
October 2021
3
Medfirst Medical Center
Service
November 2021
4
Mahler Art Gallery
Art
November 2021
5
Cheeni Chai + Coffee + Tiffin
Restaurant
December 2021
Coming Soon 1
El Toro Loco Taqueria
Restaurant
Early 2022
2
Vault Craft Beer
Bar/Taproom
Early 2022
3
Rainbow Luncheonette
Restaurant
Early 2022
4
Dose Yoga and Smoothie Bar
Service
Early 2022
5
9Round
Service
Early 2022
6
The Venue
Event
Spring 2022
7
Longleaf Swine
Restaurant
Spring 2022
8
Soul Taco
Restaurant
Spring 2022
9
Jew Fro
Restaurant
Spring 2022
10
Raleigh Midwood Smokehouse
Restaurant
Spring 2022
11
J Lights Market & Cafe
Restaurant
Spring 2022
12
Madre
Restaurant
Spring 2022
13
Milklab
Restaurant
Spring 2022
14
Tacos El Patron 323
Restaurant
2022
15
First Watch
Restaurant
2022
16
321 Coffee
Restaurant
2022
17
YogaSix
Service
2022
18
Selfie Museum
Experiential
2022
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
11
MARKET HIGHLIGHTS HOTEL & TOURISM
HOTEL + TOURISM MARKET
Q4 2021
259
hotel rooms under construction
1,600+ The Willard Rooftop Lounge at the new AC Hotel Raleigh Downtown
After delivering 147 new hotel rooms in Q3, the AC Hotel Raleigh Downtown opened its new rooftop bar in the fourth quarter. The Willard Rooftop Lounge attracts visitors to its sweeping skyline views and lounge. There were 156 new hotel rooms added in 2021 and there are 259 rooms currently under construction at the dual-brand Hilton Garden Inn / Homewood Suites hotel in the Fayetteville Street District. These rooms will be within immediate walking distance of the Raleigh Convention Center. Downtown Raleigh currently has over 1,600 hotel rooms, with 338 rooms built since 2020.
PERFORMANCE INDICATOR: DOWNTOWN RALEIGH HOTEL ROOM SALES1 In Q4, the average monthly hotel room sales revenue was $6.2 million for Downtown Raleigh which is a +16% increase from Q3.1
existing hotel rooms in downtown
156
new hotel rooms added in 2021
+16%
Increase in average monthly hotel room sales revenue
Q3 2021 TO Q4 20211
Wake County Tax Administration, DRA 1
#1 MOST AFFORDABLE SOUTHERN CITY FOR 2022 FAMILY VACATION Southern Living
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
12
NEWS & EVENTS POP-UP SHOPS AT MARTIN STREET Downtown Raleigh Alliance has partnered with Wake Tech and LM Restaurants on a pop-up retail store program to offer downtown retail space at a discounted rent price for minority-and-women-owned businesses. This storefront location provides a space for pop-up retail tenants looking to share an affordable retail space with other up-and-coming retailers while participating in business counseling.
The pop-up storefront at 17 E Martin St
The first two tenants in the Martin Street space are TrêsLife and Chance’s. Both businesses are minority-owned and looking for an opportunity to test out the downtown market and grow their businesses. Chance’s is a vintage & secondhand clothing store and is all about giving an item a second chance. TrêsLife is hair and skin care company with products designed to provide a safe, lasting solution on how to care for wavy, curly and coily hair textures. See more progam details at this link
Customers shopping through Chance’s vintage clothing
ILLUMINATE ART WALK 2022 Illuminate Art Walk was held for its second year in Downtown Raleigh and brought significant activity and foot traffic to downtown this winter. The 6-week art walk featured 17 light installations in a variety of plazas, alleys, storefront windows and public spaces. DRA worked with 14 artists, largely local with several regional and one international. Average daily pedestrian traffic on Fayetteville Street on Fridays in December was +77% higher than in November and +42% higher than in October.
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
Customers shopping for hair and skin care products from TrêsLife
Illuminate installations on Fayetteville Street
13
DOWNTOWN DEMOGRAPHICS1
12,000+ Resident Population
48,000 Downtown Employees
32.9
Median Age
$85,871 Average Household Income
DOWNTOWN POPULATION GROWTH [2000-2026]
60%
Bachelor’s Degree or Higher
40%
Of population between ages 20-34
DOWNTOWN POPULATION BY AGE
ESRI, DRA
1
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
14
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ABOUT DOWNTOWN RALEIGH ALLIANCE (DRA)
Glenwood
Ave
DRA has a mission of Advancing the vitality of Downtown Raleigh for everyone. The DRA facilitates this mission through five goals:
Seaboard + Person Street District W Peace St
St
N Salisb
Ne w Bern Ave
S Salisbury St
Moore Square District
Fayetteville Street District
E Lenoir St
W South St
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Martin Luther King Jr Blvd
Garner R
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Da w so n
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SW
SM cd ow el
ilmington St
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St
Weste
St
Blvd
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DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
E Edenton St
E Morgan St
W Lenoir St
Weste rn
N East St
N Dawson S t
W Edenton St
Warehouse District
W Cabarrus St
For additional information and resources visit: downtownraleigh.org/do-business
CONTACT FOR ANY DATA QUESTIONS: Annie Alexander Research Manager Downtown Raleigh Alliance 919.821.6981 anniealexander@downtownraleigh.org
Capital District
St
physical connectivity 4 Improving and accessibility within and Positioning the DRA as a reliable, responsive, representative, and mission-directed.
c
W Morgan St
around Downtown;
N Boundary St
S East St
positive, balanced activations across Downtown;
on S t ilm ingt W
Hillsborough
M
well St do
Av e he As
N
Glenwood South District
Fostering a thriving and diverse storefront economy;
5
E Peace St
N
with Downtown’s diverse community;
y ur
N Person St
a culture of authentic 1 Building engagement and inclusion
2 strategic 3 Facilitating partnerships to produce
lvd lvd l B ta
Wad e Ave
DOWNTOWN BOUNDARY AND DISTRICT MAP LEGEND Downtown Boundary Downtown Municipal Service District (MSD)
15
Photo by Patrick Maxwell